KAS BANK has overhauled its technology for processing clientsâ money transfers and settlement instructions. An extensive review highlighted weaknesses in safeguarding its existing token-based, symmetric technology which created a level of risk about which the bank was sufficiently concerned. Therefore, KAS BANK has undertaken a wide-ranging project to address these challenges.
KAS BANK implemented the ActivIdentity Smart Banking ID solution after trials demonstrated this solution could provide the highest level of security by encrypting transaction data, while meeting customer demands for usability and convenience. KAS BANK selected a PKI-based smart card solution using asymmetric keys that are generated securely on the smart card while in the possession of the customer, negating security concerns associated with other systems.
âThe ActivIdentity Smart Banking ID solution has reduced user fees, management and maintenance costs for the bank, while enabling simpler and faster transactions with the highest level of security,â explains Johan van der Wal, manager client information management at KAS BANK in Amsterdam.
âThe challenges that KAS BANK has been able to address are being experienced throughout the financial services industry,â explains Marc Hudavert, vice-president and general manager of ActivIdentity, EMEA. âActivIdentity is committed to developing identity assurance solutions which can support finance customers as these risks evolve and we are delighted that this project has been shortlisted for the European Identity Awards.â